IPO smorgasbord awaits in Q2

SteveGelsi

NEW YORK (CBS.MW) -- After a first quarter ranking as one of the slowest stretches ever seen in the market for initial public offerings, the drought will likely continue even as several IPO candidates eye possible kickoffs by the middle of the year.

Currently, a total of 21 IPOs are on deck, set to raise $3.57 billion in proceeds, according to IPO tracking firm Dealogic. That's down from 60 deals in line to raise $6.65 billion in the comparable year-ago period.

But on closer inspection, the pipeline isn't necessarily quite as thin as it might seem.

For starters, a mammoth IPO filing from AOL Time Warner
AOL
is expected soon. The media giant has said it plans to float this summer what's expected to be a deal carrying a value of $2 billion to $3 billion for its cable-TV business. See full story.

And Merck
MRK, -0.64%
recently reiterated plans to roll out a $1 billion IPO of its Medco pharmacy-benefits business this summer. See full story.

So while the pace is slow, there are a few sizable IPOs out there despite several overhanging issues -- the war with Iraq, uncertainty about the economy, the bear market, and the regulatory issues over IPOs being sorted out.

John Fitzgibbon of newsletter 123Jump.com said syndicate desks at investment banks haven't gone as far as to list any specific dates for the second-quarter crop of IPOs. But there at least eight deals being mentioned right now as second-quarter debutantes:

2nd Swing Inc.
SSG, -0.36%
seeking to raise as much as $22 million with underwriter William Blair. The Minnetonka, Minn.-based retailer of golf equipment plans to offer 2 million shares at $9 to $11.

Accpac International
ACPC
planning to raise up to $40 million with underwriter RBC Capital Markets. The Pleasanton, Calif.-based maker of financial accounting and business management software has yet to release an estimated price range or number of shares for its IPO.

Axis Capital Holdings
AXS, -0.69%
on deck to raise a hefty $517.5 million with Morgan Stanley and Salomon Smith Barney heading the underwriting group. The Bermuda-based insurance firm is the latest in a series of IPOs by big insurers. See full story.

Converse Inc.
CNVS
seeking to raise as much as $86.2 million with underwriter Morgan Stanley. The North Andover, Mass.-based maker of the classic Chuck Taylor sneaker and other athletic footwear used to be publicly traded, but it fell on hard times before former executives at outdoor brand The North Face bought the company. DirecTV CEO Eddie Hartenstein sits on the Converse board.

FormFactor
FORM, -1.56%
planning to raise up to $100 million with underwriter Morgan Stanley. The profitable maker of chip-making equipment, based in Livermore, Calif., filed its IPO in April of last year.

Integrated Alarm Services
IASG
in line to raise up to $156 million with underwriter Friedman Billing Ramsey. The Albany, N.Y.-based alarm company recently upped the size and price range for its IPO -- in a rare move in the market nowadays. As revised, the company wants to offer 13 million shares at $10 to $12 each.

IPass
IPAS, +7.15%
plans to raise up to $100 million with underwriter Morgan Stanley. The Redwood Shores, Calif.-based company, a provider of wireless equipment and services using the so-called Wi-Fi standard, originally filed its deal in 2000 before withdrawing it. It's profitable as it makes a fresh effort to go public.

Todco
THE, -0.17%
is in line to raise a maximum of $250 million with underwriter Morgan Stanley. The Houston-based oil and gas drilling company specializes in activities in the Gulf of Mexico. It merged with another drilling firm, Transocean
RIG, +2.09%
ahead of its December IPO filing.

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